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Broker snap: Tough times ahead for Next
Mon, 01 Dec, 2008
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Broker snap: Tough times ahead for Next
Mon, 13 Oct 2008, 10:35:00
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Related Market Prices
Name
Value
Percent
Change
Next
1003.00p
-9.48%
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Expectations of a tough outlook for UK consumer spending prompted JP Morgan to downgrade its rating on Next to 'underweight' from 'neutral' and cut its target price on the fashion retailer to 1,000p from 1,120p.<br /><br />The broker sees little opportunity for Next to mark down prices in coming months and expects it to be increasingly affected by cost pressures from Asia and the stronger US dollar. It buys 60% of its products in dollars.<br /><br />"In our view Next remains a well managed retailer which has judged the economic cycle well and won't be deflected from its strategy of repositioning itself in the upper mass market just because of tougher macro conditions," JPM said.<br /><br />"However we believe this strategy will be challenging to execute in a consumer downturn and we think volumes will remain under pressure for at least the next two years."<br /><br />It expects Next to be a "donor of market share to the industry."<br />
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